Greg Sandoval over at CNET put together a long (if dry) account of Netflix’s major fumbles in 2011. A lot of it is old news, though it does dig deep into how fundamentally different the company is today:

In a little over a year, four of Netflix’s top managers – McCarthy, Kilgore, Rendich and Ross – were out. Some of them were instrumental in helping take the company public in 2002. They helped lay waste to traditional movie renting, and created one of the most recognizable and respected brands on the Internet.